Executors. Once a person—called a decedent in estate planning and probate circles—dies, someone else has to step in to manage all the property issues. This person is called an executor or personal representative. The executor is responsible for telling all the decedent's creditors about the death and letting them file claims. If there's enough property in the estate to cover the debts, the creditors get paid. If there's not, some of them won't get their money back. In no event, however, does an … [Read more...] about Who Pays for a Deceased Person’s Bills?
Asset Protection
Medicaid Planning Becomes More Difficult As States Impose Stricter Limits
According to a recent article in the Wall Street Journal, people planning on using Medicaid for long-term care coverage are facing tougher restrictions. In most states, a person cannot be eligible for Medicaid unless he or she has no more than $2,000 worth of investments, excluding a house and a car. This $2,000 limit includes any gifts that person has given for up to five years. With Medicaid planning you can structure your assets so you can still take advantage of the Medicaid coverage. … [Read more...] about Medicaid Planning Becomes More Difficult As States Impose Stricter Limits
The Millionaire, The Deadly Car Crash And His Girlfriend/Daughter
One of the stranger legal stories to pop up recently is the tale of Floridian and millionaire John Goodman. In 2010, Mr. Goodman was in a fatal car accident that left another man dead. After fleeing the scene, Mr. Goodman was arrested under suspicion of drunk driving and faces criminal charges that could leave him in jail for up to 30 years. He's also facing a wrongful death lawsuit filed by the family of the crash victim. Much of Mr. Goodman's Wells is owned by an irrevocable trust he had … [Read more...] about The Millionaire, The Deadly Car Crash And His Girlfriend/Daughter
Nebraska Leads Nation In Considering Digital Estate Planning Legislation
If there is one group of people that is most likely to need estate planning services and yet least likely to have a significant presence on the internet, it is seniors. It is perhaps because of this fact that the issue of digital estate planning has not received a lot of attention by either legislators or estate planning lawyers. However, it appears that lawmakers in Nebraska stand ready to reverse this trend and adopt the first kind of legislation that directly addresses digital estate planning … [Read more...] about Nebraska Leads Nation In Considering Digital Estate Planning Legislation
Special Needs Planning: Part I of III
Special needs planning is often a part of a parent or other family member’s estate planning considerations. To ensure that you make adequate financial arrangements through proper estate planning to protect your loved ones with special needs, you may need to draft special estate planning documents. Because of the legal nuances involved in estate planning, setting up a time to discuss your estate plans with our office may be a wise investment. Setting up a special needs trust may be necessary … [Read more...] about Special Needs Planning: Part I of III
You May Not Be Able to Afford Long Term Care without Insurance
Many people don’t realize how expensive long-term care costs are. As more people continue to age, the costs only continue to rise. This is why it’s important to consider the purchase of long-term care insurance. Without this insurance, long-term care can be unaffordable. Take a look at the information below, to better understand the use of this insurance. If you have any questions, or if you need help selecting a long-term care insurance policy, contact an estate planning attorney. Consider … [Read more...] about You May Not Be Able to Afford Long Term Care without Insurance
Financial Abuse of the Elderly Too Common
One of the main problems when it comes to elder financial abuse is that too many people simply don’t understand when they are participating in this form of abuse. Parents and grandparents love their children enough that they want to give them everything that they can, but there comes a point when it is the child or grandchild’s responsibility to refuse that help. When an elderly person gives away money or assets, they may not be in their right mind, or they may not realize that this money may … [Read more...] about Financial Abuse of the Elderly Too Common
Estate Planning is Not an Unnecessary Expense
When money is tight, the last thing you may be thinking about is spending it on estate planning. While some people may feel that paying money to an attorney to help them with their estate plan is an unnecessary expense, nothing could be further from the truth. In fact, an estate plan should be one of the primary things that you spend your money on, even during a recession. If you invest in a solid estate plan, you can rest easy knowing that your family will be taken care of, even if something … [Read more...] about Estate Planning is Not an Unnecessary Expense
Why You May Need Medicaid Planning
Medicaid, the need-based, state-run program that provides medical assistance for those with limited income and resources, often enters the lives of senior citizens when it comes to paying for nursing home care. Why would anyone need Medicaid planning? Many believe that Medicare and private insurance will pay for long term care. This is not the case, and Medicaid has become the major source of financing for long-term care; in fact, it pays nearly half of all nursing-home bills after residents … [Read more...] about Why You May Need Medicaid Planning
New York Partnership for Long Term Care
Nearly 70% of senior citizens will require some long-term care services at some point in their lives. What they do not realize is that Medicare and private health insurance do not pay for the majority of long-term care services that most people need. Long term care is defined as care that is necessary to assist an individual with the activities of daily living, such as bathing, eating and dressing, as well as medical issues from chronic or long term illnesses. New York is one of just a few … [Read more...] about New York Partnership for Long Term Care
